336 unit Multi-Family property in Orlando Florida,Debt Sale

The asset
Class C Multifamily
a loan secured by a 336 unit Multi-Family property in Orlando Florida .The unpaid principal balance is $17,226,931 and the note purchase is being presented at $3,500,000 or $10,400/unit. An 07 appraisal valued the property at $22M. opportunities in the Multi-Family sector are hard to come by in the distressed debt arena. Usually when they are offered the tend to trade at a premium. We are very excited about this deal and feel at our price there is tremendous upside.

A broker in the Orlando market that has sold over 17 multifamily properties in 2010 totaling more than $400,000,000. Heprovided the following comparables demonstrating the current price per unit of similar multifamily properties in the Orlando market. The Waterway Apartments that recently sold for $16,944/unit, is located across the street (to the west)
from the subject. Multifamily properties are a strong asset class in the current market. One of the driving forces is the attractive financing offered by lenders such as HUD and Freddie/Fannie Mac. Terms for multifamily loans can be 4% with a 30 year amortization and an 85% to 90% loan to value.

Comps :

Apr-10 Carlton Arms 1968 291 units $8,700,000 $29,897 per unit

Jun-10 Silver Oaks 1990 320 Units $9,000,000 $28,125 Per Unit

Feb-10 Waterways 1988 360 $6,100,000 830 $16,944 Per Unit

5 MORE COMPS ABOVE 29K PER UNIT


An appraisal on file dated 01/2007 notes a value for the subject property of $22,300,000. At that time, the occupancy was 92%. It is assumed that the appraisal was used to facilitate the origination of the subject CMBS note. The valuation was based on an NOI of $1,503,377 using a cap rate of 6.75%. The cash flow table below demonstrates the strength of the asset
only 4 years ago. The sales comparables were all similar vintage with an average price per unit of $66,000 or $22,000,000. The subject asset is being offered at $3,500,000 or $10,400/unit. Property taxes have been paid up through 2009 with $107,888 due for 2010.

NOI FOR THIS ASSET: $1,850,000 AT 90%

THE PROPERTY SITS AT 25% OCC. CURRENTLY WITH NO MANAGEMENT IN PLACE

Download link: NCND (must sign)
SIGN AN NCND TO MOVE FORWARD

Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl

954-957-3134 Office

Mike Rivera, Ferrer & Associates,LLC

Apartment and Bulk sales Rise 70% in 2010

a recent report on second-quarter transactions released late last week by Real Capital Analytics (RCA), a New York-based commercial real estate research firm. On the surface, the quarter’s numbers looked good compared to the listless 2009. Sales rose to $5 billion in the second quarter, putting the total at $9.6 billion for the first half of the year. That’s an impressive 69.6 percent jump in transactions over the first half of 2009. But dig deeper, and the numbers don’t look quite as impressive. In the first quarter, 534 properties of $5 million or greater sold. That’s only a 16.8 percent increase from a year ago. So what’s with the jump in prices? Basically, more trophy properties are selling. “I think that points further to the weight the larger transactions in primary markets are having on the market as a whole,” says Ben Thypin, senior market analyst at RCA, noting that most of the uptick in transactions came from the Northeast and Mid-Atlantic, while the West only saw slight gains in volume and pricing. (The Midwest was, once again, quiet.) The Big and Small Sell If they were properly located, both garden-style apartments and high-rises saw strong pricing and demand. RCA, in fact, says garden properties hit a turning point in the second quarter with property sales growing to $3 billion (192 properties) from $2.3 billion (144 properties) the previous year. “There were a fair amount of sub-6 percent cap rates for garden properties,” Thypin says. “The assets in quality markets are trading at low caps regardless of whether they’re garden or high-rise.” Overall, high-rises posted sales of $4.3 billion (198 properties) in the first half of the year, a whopping 192 percent increase over a year earlier. In the second quarter, volume fell slightly from the previous quarter to $2 billion, but the number of properties selling rose to 110 from 88. The reason for this—RCA said high-rises in the second quarter sold in markets other than high-priced Meccas such as New York and Washington, D.C. Distress Still a Dribble Meanwhile, distressed sales made up about 30 percent of all sales in the first half of the year, but only about half of distressed resolutions were via sales. The others were restructured or refinanced.

Cap Rate compression is back and in full effect.

While cap-rate centric institutional buyers mindful of market fundamentals are balking at cap rate compression, opportunistic private investors and opportunity funds with aggressive yield expectations and the underwriting to match are standing 20 and 30 bidders deep to pay what the market demands on a price-per-unit and price-per-square-foot basis. “Today’s buyer feels comfortable where the pricing is per-unit and is willing to buy on the prospect of upside with market recovery,” explains Cindy Cook, senior vice president in the Phoenix office of apartment brokerage firm Colliers International, which recently brokered the sale of two 300-unit, Class B multifamily properties for $61.23 and $67.02 per square foot. “That’s why cap rates have been sidelined. It’s not a stable market, so it doesn’t make sense to value properties strictly on cap rates today. Today’s winning bidder is typically a guy that can walk in and pay all cash without a loan contingency. They’re not looking for a discount; they are looking to pay market price, and they have the cash to pick it up, and we are seeing it particularly with private guys, family trusts, and the opportunity funds that were set up over the past couple of years.

Southwest Florida Coast Broker Sales

Sale Date 02/2010 No. of Units 312 Sale Price $8.2mm

Sale Date 03/2010 No. of Units 360 Sale Price $29.5mm

Sale Date 05/2010 No. of Units 408 Sale Price $25.4mm

Sale Date 07/2010 No. of Units 360 Sale Price $29.5mm

Sale Date 07/2010 No. of Units 180 Sale Price $13.6mm

If you would like exclusive access to some of these off market opportunities. Feel Free to contact Mike Rivera Direct at 239-770-6257

What we are looking for:

Partners such as Private SEC registered Investors,Fund Mangers, family trusts, and the opportunity funds of private equity and hedge fund groups. We provide due diligence,Access to the asset before it hits open market, and asset management and property management as an operating partner.

Southwest Florida (Naples) Commercial real estate snapshot

In Q1, overall sales in South West Florida decreased 38% compared to the prior year. Over the last 12 months, the price per square foot for office property is down 33%, multifamily is down 30%, industrial is down 63% and retail is down 31%.

Data from LoopNet's Q1 2010 Investment Market Reports

Mike Rivera
239-770-6257
Mike Rivera Ferrer and Associates

2 Sales Naples and Estero Market! Multi family & Bulk builder close out Estero fl, Naples FL

2 Sales Naples and Estero Market!

The Increase in SW FL vulture funds and private equity groups hovering for distressed assets is way up. Real estate firms with access to capital and significant experience, expertise and development capacity are well-positioned to take advantage of the opportunities that these distressed assets and debt present. They are able to buy properties with a variety of financial structures, cash and both senior debt holds, and create value through repositioning the assets.

1 43 Units Estero FL FGCU AREA
Just SOLD 4/2/2010
Mid Two million Range Median Market Value 80k per unit. MLS Listed low 90K as of 3/28/2010
I was personally involved in the inspection and due diligence, and under contract 2 times with 2 different buyers. One of the best Bulk sale opportunity on the west cost of Fl.

Price was $47K per unit or just about $2MM for the 43 units.

This is the 3rd bulk condo sale to close in the Southwest Florida market.
South west Florida is Naples (Collier county) Fort Myers( Lee county) and Charlotte county and Sarasota county.
I have access to these assets such as the recently closed

2. Jamie May may strikes again.

A resort-style pool is one of the amenities at Bermuda Island Apartments.

Jamie May of the JBM multifamily capital brokered the sale of Bermuda Island Apartments, a 360-unit, luxury multifamily community located in Naples. The community is situated on approximately 23 acres on Vanderbilt Beach Road, across from the Ritz-Carlton Golf Resort Hotel and Tiburon Golf Course. It consists of 12 three-story buildings with a combination of one-, two- and three-bedroom residences, with units averaging 1,046 square feet in size.

Amenities at the community include a grand plantation-style clubhouse that features a formal dining hall, a business center, a 2,000-square-foot fitness center and a screened outdoor lanai with ceiling fans and built-in grills. A resort-style swimming pool overlooks a 3-acre lake. The property was initially planned as a condominium conversion but now operates as an apartment community. Occupancy at the community was 90 percent at the time of the sale.




What hot for Multi family & bulk sale opportunities?
Potential to take down Class A
504-bed student housing facility in Estero, FL, (Ft Myers) across Florida Gulf Coast University. The loan was transferred to special servicing in June 2008. The borrower replaced the onsite manager in the spring 2008 and was running an aggressive leasing campaign with deep concessions to increase occupancy for the 2008-2009 school year. The property is currently 80% leased as of Sept. 4, which does not support the debt service and the borrower is unwilling to support the property.

West Coast of Fl Bulk sale -
43 Units High Rise Oceanfront (Gulf) Boat docks, Builder close out Bank held
Guesstimate asking $50M
Recent Comp sales- 1.6MM to 5.8MM 0-3 months old
Cal me for an NCND
and a quick tour will go fast.

Beachfront High Rise 23 units remain 50% of listed price close out. Bonita, Ft Myers beach, Florida sub market.

Smaller opportunities:

90 Units High Rise riverfront luxury units TBD

300 unit High rise Miami Bayfront Biscayne bay 350,000 sq ft at 300 per SQ ft

60 Venice waterfront Charlotte Harbor SOLD

46 3/3 Condos N Naples 7MM + 2% fee

83 Units Naples FL Potential Chinese drywall TBD take an assignment of contract

15 Naples Gulf access Bayfront Townhomes Olde Naples 980k per unit

Want more? I have it Bank direct or Private equity held.

Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl
1 239-770-6257
Fax 1 239-775-2066


Mike Rivera Ferre & Associates,LLC
.
http://www.naplesassetsales.blogspot.com

http://www.Naples-Foreclosure.com

South Fl Naples,Miami,Sarasota Condo sales way up, Bulk sales Increase

South Fl Naples,Miami,Sarasota Condo sales way up, Bulk sales Increase by Mike Rivera

Ft Myers and Naples Fl Beachfront REO homes penthouse sales

www.BEACH-FRONT.US

Ultimate 2nd homes destinations in Southwest Florida. Bonita Springs and Naples attracts visitors and new residents from around the world having emerged as one of Florida's most dynamic coastal communities. Known as the "Gateway to the Gulf" - Bonita Springs encompasses the world renowned Barefoot Beach, Bonita Beach, Estero Bay, Black and Hickory barrier islands, and Lover’s Key state park.Naples Beach areas Included Vanderbilt Beach, Seagate, Coquina Sands, Pelican Bay,Olde Naples,Bay colony, Royal Harbor,Marco Island.

Most of theses deals are short sales Bank OREO or it could be a debt sale.

Providing asset management and turnaround for Hotel owners

Hospitality Owner operators.
Providing asset management and turnaround for Hotel owners - For potential sellers. I want to get your hotels NOI stable for a potential sale. I have two new hospitality programs for hotel ownership with the former CEO of Stafford Hospitality. Expense Management for hotel and restaurant Industry.

NO COST, RISK-FREE ANALYSIS of your existing buying practices. 5% REDUCTION IN OPERATING COSTS HAS THE SAME P&L IMPACT AS A 30% INCREASE IN SALES.

Increase & add stabilization too your inline NOI for a potential sale in 2010/2011

2.

Sales & Marketing Boot Camps:

Grand Bay Hospitality Group is ready to take your property to the next level with our Sales & Marketing Boot Camp. We will talior our full program to your hotel as we cover Everything from Grass Root Sales to Internet, Web & Social Marketing. This program covers a five day span with a review on Friday of all activity and includes a 30/60/90 day follow up program.

Naples foreclosure High Rise beachfront Ocean view REO

List Price:$599,900
Address: VANDERBILT DR
BAY CLUB OF NAPLES
Living Area: 2,770
Total Area:3,000 3bedrooms +Den 4bathroom
Year Built:1992
Carport 2 Private Pool
Waterfront:Gulf View / Boat Access:Bay, Landscaped Area, Parking Lot / Marina

E mail Starcapitalgrp@yahoo.com

Bayfront Ocean view Biscayne High Rise debt sale

Biscayne high Rise

346 units in the building
square footage saleable is 605,056, square
footage under contract now is 377,132.
HOA cost per foot is $.53 (HOA budget
updated in June and covers all of the common area space).
Commercial space is approximately 35,000 feet located along Biscayne Blvd ,
First floor of the detached east pool deck building and within the building first floor below the
Gym/Spa.
$300 per sq ft asking.

NCND required with a 500k pre-open escrow along with a letter of Intent and proof of funds.
E mail only starcapitalgrp@yahoo.com